Pantaloons Fashion plans to raise up to $83M

Pantaloons Fashion & Retail Ltd today said it plans to raise up to Rs 500 crore through various means, including a rights issue.

"The Board of Directors of the company at its meeting held on July 18, 2014, has approved raising of funds for an amount not exceeding Rs 500 crore through various means, subject to receipt of necessary approvals," the company said in a BSE filing.

The company, which is part of Kumar Mangalam Birla-led Aditya Birla Nuvo Ltd (ABNL), added that it proposes to raise up to Rs 300 crore through the rights issue.

"Out of the aggregate amount of Rs 500 crore, up to Rs 300 crore is proposed to be raised through issue of equity shares of the company to its eligible shareholders on a rights basis," the company said.

Pantaloon's Board has also approved and constituted a committee of directors to decide and approve the terms and conditions of the rights issue, including the rights entitlement ratio, issue price, record date, timing of the rights issue.

The company at present operates over 75 stores across the country.

Shares of the company closed 2.75 per cent higher at Rs 127.20 apiece on the BSE.

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